Afraid that image issues afflicting the country’s cash advance industry will sully its reputation, Banco Popular has decided to stop providing such loans indefinitely.

The Puerto Rican banking business, which includes a sizable mainland U.S. existence based in Chicago, is discontinuing a pilot system for payday advances in Texas and halting brand new loans at its foreign exchange workplaces in Ca and Florida. Together, the scheduled programs have actually about $425,000 in pay day loans outstanding.

Payday advances are generally two-week loans for a couple hundred bucks meant to assist clients with temporary cash-flow problems–something to tide them over until their next payday, when they’re designed to spend from the loan. The industry has arrived under fire in present months because some shops allow clients to restore their loans–which carry annual percentage rates because high as 1,300 percent–until they truly are deeply with debt.

Banco Popular would not enable loan rollovers and offered « better than industry terms, » relating to bank officials, whom said their yearly percentage prices had been below 500 per cent.

However, the lender happens to be painted using the exact same brush as other payday lenders and it has chose to grab of this market–something officials deem necessary, because of the aggressive environment toward payday loan providers, but something they think could harm customers.

« It may drive them to unpleasant options, which a number of the item experts try not to completely understand, » stated Richard Carrion, leader of Popular Inc. in San Juan, Puerto Rico.

Roberto Herencia, mind of Banco Popular united states, stated some options individuals might look to consist of loan sharks and pawning.

Nevertheless, Herencia said, « we like to move as well as allow the payday loan debate continue. We are maybe perhaps not saying we will never ever repeat this once more, but we will not get it done until it is best debated and better regulated and folks know very well what the item does. »

Gripe session: Ed Liddy, leader of Allstate Corp., took their lumps during the business’s yearly conference week that is last acknowledging the insurer’s bad stock and profits performance and paying attention patiently towards the complaints of agents who’re unhappy about strategic changes that Liddy has set up.

In connection with stock cost, which dropped 36.4 % in 1999 compared to a 27.5 % fall for the Standard & Poor’s property/casualty index, Liddy stated Allstate has « borne significantly more than our reasonable share of investors’ movement out of insurance coverage shares and into other sectors, including brand new economy shares. »

The stock performance is « as unsatisfactory in my experience since it is for you, » he told investors.

Liddy additionally fielded a number of questions and complaints from agents, including some who’ve kept or are making as a result of a brand new agreement meaning all agents will not be workers.

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